Deepfake Elon Musk Scams Trick Viewers in Fake Bitcoin 2024 Livestreams

Over the past three days, a deepfake scam involving a fake livestream of Elon Musk has tricked viewers into sending over $28,000 in cryptocurrency.

Posing as the official Bitcoin 2024 conference broadcast, these livestreams used AI-generated footage of Musk to deceive unsuspecting users.

The Scam's Modus Operandi

The livestreams falsely claimed to be from Bitcoin Magazine, featuring a looped video of Musk on stage. The scam included titles like “Bitcoin 2024 Conference Nashville! Donald Trump & Elon Musk Speech – General Day 2” and falsely promised double returns on crypto deposits.

The deepfake Musk encouraged viewers to send bitcoin, ether, dogecoin, or tether, guaranteeing a double return, which never materialised.

Community Warnings

Bitcoin advocate Michael Dunworth highlighted the scam on X, alerting the community to the fraudulent activity. He noted that fake live streams with dubbed voice-overs and inflated viewer counts were misleading viewers into believing they could receive free Bitcoin from Musk. Despite numerous reports, the fake livestream continued to operate as of July 28.

The total amount of fraud exceeded $28,000

An analysis of onchain records showed that the scammers received 0.322 BTC, 2.026 ETH, and 374.63 DOGE. Although the total value amounted to $28,586, the full extent of the fraud across multiple streams remains unknown. Notably, no tether was sent to the scammers, and other videos may have accrued more funds.